The Synechron Blockchain Accelerator for Global Payments
The blockchain buzz is the most intense in the payments space. But blockchain is not the missing piece for consumer payments. The payments innovation that banks can look to solve lie in any global payment transaction involving a currency conversion: global intra-bank transactions, remittances or peer-to-peer global money transfers, institutional payments such as global corporate payrolls or FX transfers through correspondent banking and SWIFT. Blockchain payment technologies like Ripple can add tremendous value in the global sphere by bringing multiday settlement cycles down to real-time, enhancing operations around global currency conversions, improving anti-money laundering data and more.
Reduce international and interbank funds transfers using Ripple
Blockchain-based payments using the Ripple network can dramatically reduce the costs of international financial transactions by eliminating intermediaries, including correspondent banks. Banks can use the network for remittance payments between individuals and for interbank transfers within a multi-country financial institution.
Synechron’s implementation takes advantage of the Ripple network’s ability to set up trusted relationships, its market makers that provide optimal FX rates, and the network’s secure distributed ledger and cryptocurrency. Together, these elements enable fast, secure and low-cost transfers between international currencies and provide:
Reduced costs and fees
- Because transactions flow through the Ripple network rather than a network of correspondent banks, intermediaries charging fees are eliminated. Ripple’s fees are low. FX rates for conversion between Ripple’s currency and origin and target-country currencies are guaranteed to be among the best.
- Transactions on the Ripple network take place immediately. Synechron’s Ripple wallet interface enables a financial institution and its customers to make transactions easily and see the resulting transfer and balance changes.
- Synechron’s Ripple network implementation guides a financial institution through the process of setting up trust relationships between network participants on Ripple’s secure distributed network. This function reduces counterparty risk while the blockchain ledger makes transactions highly secure and verifiable by all network participants.
Getting running on Ripple faster
As an open Internet standard for interbank transactions, Ripple can serve as a payment system, currency exchange and remittance network. Synechron’s Global Payments Accelerator consists of a complete suite of services and software that connects a financial institution to the Ripple network and enables the institution to use all of the network’s standard gateway features, including:
- Linking a bank account with the Ripple network
- Depositing money in a Ripple wallet.
- Transferring money to another client using the Ripple network.
- Converting from one currency to another during the money transfer.
- Generating standard transaction reports, including Ripple fees and conversion charges.
Synechron also helps you integrate Ripple infrastructure into your existing payments flows to improve a bank’s payment process.
To learn more about our Blockchain Accelerator for Global Payments and the work we’re doing email us at firstname.lastname@example.org
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